#BYMEspresso☕: Layoffs knocked at Buzzfeed's door, Again.
BuzzFeed is laying off 12% of its workforce, Variety reports, based on an SEC filing.
BuzzFeed is laying off 12% of its workforce, Variety reports, based on an SEC filing.
The reduction will apparently help BuzzFeed “weather an economic downturn that I believe will extend well into 2023,” writes CEO Jonah Peretti in a memo.
BuzzFeed’s revenue was flat YoY in Q3, while its net loss for the quarter grew from $3.6 million to $27 million. On top of that, BuzzFeed CFO Felicia DellaFortuna set expectations for a “somewhat muted” seasonal sales lift this year.
The SEC filing offered numerous reasons for the cuts, and chief among them are “challenging macroeconomic conditions.” BuzzFeed also recently completed its acquisition of Complex Media and says there were duplicate roles across the two companies.
BuzzFeed experienced a prior round of layoffs in March, when the company reduced headcount for the BuzzFeed News group (i.e., its newsroom) and Complex’s editorial staff.